Bybit vs. Kraken: Features & Fees Compared
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Bybit and Kraken are two reputable cryptocurrency exchanges that offer high-quality trading platforms, access to margin and derivatives trading, crypto interest accounts, and intuitive mobile apps for trading on the go. In this comparison review, we assess the similarities and differences between Bybit and Kraken and evaluate which is the best crypto exchange for investors and traders alike.
Bybit vs. Kraken: A Quick Overview
Bybit and Kraken are popular digital asset trading platforms with tens of millions of users between them, offering feature-rich crypto trading platforms and a wide selection of cryptocurrencies. Both carry hundreds of crypto trading pairs to choose from, and both offer deep liquidity for both spot and leveraged trading.
Bybit is designed for advanced traders with detailed charting and trading tools, as well as a comprehensive derivatives platform that offers trading with up to 100x leverage. Fees are very low compared to other exchanges, ranging from 0.01% to 0.1% per trade, depending on a user’s trading volume. Bybit boasts a ton of other features as well, including an NFT marketplace, interest-bearing accounts, and a ByBit referral bonus for new traders.
Alternatively, Kraken focuses on beginners and intermediate traders by offering a simple “Buy Now” feature, as well as an advanced trading platform. Kraken has a heavy focus on security, with multiple ways to protect user accounts, as well as user funds. Kraken charges higher fees than Bybit but is also available to U.S. users, whilst Bybit is not.
|Promotion||Deposit bonus up to $30,000 USDT||None available at this time|
|Fiat Currency||USD, EUR, GBP, AUD, CAD, +125 Others||USD, GBP, EUR, CAD, CHF, JPY & AUD|
|Supported Cryptocurrency||331 (608 trading pairs)||222|
|Deposit Method||Crypto only||Bank transfer, SWIFT, SEPA, debit, credit card & crypto|
|Max. Trading Fee||0.1% / 0.15 (spot), 0.1% / 0.06% (leverage)||0.16% / 0.26% (spot), 0.02% 0.05% (margin)|
|Staking||No||Yes (12 assets)|
|Markets||Spot, margin, derivatives, leveraged tokens, P2P & options||Spot, margin & OTC|
|US Residents Allowed||N/A||Yes|
|Review||Read our full ByBit review||Read our full Kraken review|
In-Depth Comparison: Bybit vs Kraken
Bybit is a top-notch cryptocurrency exchange aimed at margin and derivatives traders. With up to 125x leverage on spot and derivatives trading, as well as access to leveraged tokens, Bybit is one of the top leveraged trading platforms available today. Bybit focuses heavily on providing a comprehensive trading experience, with built-in TradingView charts, multiple order types, and even programmable trading bots.
Bybit serves over 10 million users around the globe and boasts one of the highest daily trading volumes on its derivatives platform alone. Users can also access various other crypto features, such as interest accounts, NFT marketplace, P2P crypto exchange and the famous World Series of Trading competition.
- One of the largest derivatives exchange in the world by volume.
- Variety of markets including spot, perpetuals and futures.
- Advanced trading platform and charting.
- Intuitive and responsive mobile app.
- May be too complicated for beginners.
Kraken is a cryptocurrency exchange that offers an intuitive trading platform and a simple-to-use mobile app. As one of the oldest crypto exchanges still around, Kraken is a reputable and reliable exchange that offers a secure way to buy and trade crypto. Kraken is known as one of the few crypto exchanges that offer spot margin trading for U.S. customers, but it also has an intuitive Futures trading platform with up to 50x leverage available (non-U.S. users only).
Kraken has over 9 million customers in over 190 countries around the globe and processes over $1 billion in spot trading volume daily. It also offers crypto staking to earn rewards (except for USA residents) on deposited crypto and is launching an NFT marketplace very soon.
- Available to U.S. residents.
- Regulated and licenced in multiple countries.
- Over 200 trading pairs available.
- Trading fees are low 0.16% and 0.26% with fee discounts.
- Margin and futures trading available.
- User-interface is dated and not beginner-friendly.
- Supported crypto assets and markets is limited compared to other global platforms.
- No demo trading account.
- Limited number of currencies that can be staked.
Bybit vs. Kraken: Supported Countries
Bybit and Kraken are available worldwide, supporting customers in over 150 countries around the globe. Bybit offers derivatives markets, and due to global regulations, it is not supported in certain countries, such as the United States, Singapore, and Canada. It still supports most countries and hosts over 5 million customers globally. Kraken is one of the most widely supported digital asset exchanges in the world, serving over 9 million customers across 190 countries around the globe.
With more supported jurisdictions including the USA and customers, Kraken is the larger of the two exchanges overall. Moreover, ByBit is not legal in the USA and citizens in the US cannot use the exchange.
Bybit vs. Kraken: Trading Volume & Liquidity
In terms of trading volume and liquidity, Kraken is a popular exchange to buy crypto with several supported fiat currencies, processing over $1 billion in spot trading daily. While Bybit is not as popular of exchange for spot trading, it is one of the larger derivative trading platforms, processing over $15 billion in daily trading volume.
At the time of writing, Kraken offers deep liquidity, with an average liquidity score of 748 (out of 1,000, making it nearly equal to FTX and Coinbase. Bybit offers decent liquidity with a score of 593, but it is much lower than Kraken. Liquidity ratings help determine whether users can place large orders and avoid excess slippage. Kraken is by far the more liquid spot trading market, making it an ideal day trading platform for active traders and those placing much larger orders.
While Kraken offers better liquidity and more volume for spot trading, Bybit processes for more volume with derivatives trading.
Bybit vs. Kraken: Features, Products & Services
Bybit and Kraken offer advanced trading platforms with a good selection of cryptocurrencies available, and both support trading with leverage. Here is a comparison and overview of some of the common and unique features of both Bybit and Kraken.
Kraken supports over 190 crypto assets listed across over 500 trading pairs, which is a great selection. Kraken is constantly adding support for more and more cryptocurrencies, and offers deep liquidity on some of the most popular coins. Conversely, Bybit offers a smaller selection of coins with just over 100 cryptocurrencies for purchase and over 200 trading pairs available.
Kraken supports 7 fiat currencies, while Bybit only supports 2 fiat currencies that can only be exchanged with USDC or USDT. Both Bybit and Kraken support bank transfers and credit/debit card purchases but charge high fees to use these services. For the derivatives markets, Bybit Exchange offers over 100 trading pairs between the perpetual and futures trading features, while Kraken supports over 50 markets between perpetual and futures contracts. Also, Bybit offers a crypto P2P exchange to trade crypto directly between users without a middle-man using a variety of payment options.
Overall, Kraken supports more cryptocurrencies and fiat currencies than Bybit. Kraken also offers more than twice as many trading pairs and is a better altcoin exchange for serious traders. That being said, Bybit offers more in terms of derivatives trading pairs and markets, so advanced traders may prefer their selection.
Margin Trading (with Leverage)
Bybit is one of the best crypto margin trading platforms, offering a range of markets including spot trading with margin, leveraged tokens, and futures contracts. Over 150 derivatives markets are supported. The available markets are:
- Spot: Optional leverage of up to 3x can be applied to over 200 trading pairs.
- Perpetual contracts: Perpetual contracts are available in both USDT and USDC pairings. Up to 100x leverage is available.
- Inverse contracts: Perpetual and futures contracts use the coin itself as collateral. Only a handful of available coins are supported, including BTC and ETH. Futures contracts are settled on a quarterly basis.
- Options contracts: USDC-settled options contracts are available on a daily, weekly, monthly, and quarterly basis.
- Leveraged tokens: A small selection of tokens that offer both LONG and SHORT positions with 2x or 3x leverage.
Kraken also offers spot margin trading as well as futures trading, with up to 5x leverage available on spot purchases, and up to 50x leverage available on futures contracts. The futures contracts are available on a perpetual basis or on a quarterly basis. The spot margin platform is available for U.S. customers but is currently restricted to professional traders only. Its Futures trading platform with up to 50x leverage available is not accessible to U.S. users.
While Kraken offers some leveraged trading choices, ByBit is a powerhouse derivatives trading platform that offers a large selection of contracts and up to 100x leverage. Bybit is known as one of the top derivatives platforms for a reason, and its huge selection of tools and leveraged trading choices make it the clear winner here.
Earning Interest on Crypto
Bybit and Kraken both offer interest-earning crypto products on their platforms, allowing users to earn a passive yield on their crypto. Bybit offers multiple interest-bearing products, including:
- Decentralized Finance (DeFi) mining. Users can use Bybit to join Curve mining pools to earn yield.
- Liquidity mining. Join liquidity pools to earn yield by collecting transaction fees from DeFi exchanges.
- Crypto savings accounts. Deposit crypto for a fixed - or flexible - length of time and earn interest.
- Dual asset investing strategy. Deposit USDT and another crypto asset, predict the price action, and each yield.
- Launchpool. A way to stake crypto and earn new tokens for free.
Kraken on the other hand does not offer any interest products for its users to earn passive income. The only mechanism available is staking proof-of-stake coins.
While Kraken offers a basic staking feature to earn rewards, Bybit offers multiple interest-bearing products with high rates up to 100% APY and flexible terms. It also supports 50+ assets and products for its users to take advantage of and earn interest on idle crypto.
Both Kraken and Bybit offer crypto staking, though each of them approaches it differently. On the Kraken platform, users can stake tokens and earn up to 20% APY on over a dozen crypto assets. Both on-chain and off-chain staking are available, the minimums are very low, and there are no time restrictions, meaning users can un-stake at any time. This is why Kraken is one of the best staking exchanges in the industry. However, participants should be mindful of the 15% commission charged on staking profits.
Similarly, Bybit Exchange offers the ability to stake coins through its Crypto Savings account, which is not a traditional “Proof-of-Stake” platform. Instead, users can deposit their choice of 25 supported tokens at varying lockup time periods to earn rewards. There are flexible staking terms, 14-day lockups, 30-day lockups, and 60-day lockups, with the longer time periods paying a higher interest rate. Some smaller cap coins pay over 100% APY, but most popular coins pay between 2% and 5% APY.
Kraken supports 12 proof-of-stake coins that can be staked such as ETH2.0, DOT, ADA, SOL, KSM, ATOM, FLOW, KAVA, XTZ and ALGO. On the other hand, Bybit does not offer traditional on-chain staking and users can only earn rewards through its savings account.
Buying & Selling NFTs
Bybit offers an NFT marketplace that allows users to buy and sell NFTs. Bybit offers a small selection of NFTs for sale across multiple blockchains. Bybit offers fee-free purchases of NFT’s, but does charge a 1% seller’s fee in addition to royalty fees paid by sellers. On the other hand, Kraken has yet to launch its NFT marketplace, though it does have a waitlist, indicating it will be coming soon.
While the Bybit NFT marketplace is relatively small, Kraken doesn’t have one yet, so Bybit is the winner here. The Bybit selection is smaller, but the fees are reasonable, and though minting is not available yet, users can contact Bybit to get their NFT listed manually.
Bybit vs. Kraken: Ease of Use
Bybit and Kraken both offer intuitive mobile apps and comprehensive trading platforms, but they operate very differently. Kraken offers a simplified trading platform for beginners, as well as an advanced platform for professional traders, while Bybit provides a full-featured advanced trading platform for intermediate and advanced users with Tradingview charts.
The Kraken trading experience for beginners is more of an order form, allowing users to buy, sell, or swap crypto. Kraken also offers an advanced trading platform with more detailed charting, though the user interface is a bit dated. Kraken is in beta with its new Kraken Pro trading platform, which does offer some enhancements and a more modern design.
Bybit offers a more complex trading experience designed for advanced traders that have a deep level of crypto trading knowledge. With built-in advanced charting, quick access to margin and derivatives trading, and even programmable crypto trading bots, beginners may feel quickly overwhelmed. The mobile app offers similar advanced trading features as the website platform, but it is well-designed and laid out for experienced traders.
While the original Kraken website's ease of use and user interface felt a bit dated, its new Kraken Pro experience is top-notch. Bybit also offers an intuitive layout, access to most every trading tool imaginable, and a great mobile app for trading on the go. Both platforms are well-designed for their target users.
Bybit vs. Kraken: Trading Experience
Kraken offers a dedicated trading platform, Kraken Pro, designed for more experienced traders. While the trading platform is a bit dated, the new Beta platform is well-designed. Users can access a variety of order types, live order books, advanced charting with TradingView chart integration, and the ability to create custom watch lists. The new Kraken Pro trading experience is much better than the old view, with a more intuitive layout, and users can drag and drop windows to customize their layout.
Alternatively, Bybit has an advanced trading platform that is also powered by TradingView charts. This gives users full control over their charting strategy, with hundreds of built-in indicators and drawing tools. Bybit also offers live order books, a depth chart, an intuitive order form (with access to market, limit, stop-loss, and conditional orders), and a quick jump menu to filter for your favorite cryptocurrencies to trade.
Users can quickly access spot (and optional margin), leveraged tokens, and even program a crypto trading bot for more automated trading strategies. The derivatives platform offers even more choices, including access to dozens of perpetual futures contracts, and even crypto call options trading. Overall, Bybit offers everything an advanced trader could want in a trading platform.
While the new Kraken Pro platform is a great deal better than its original trading platform, Bybit offers a premium platform for charting crypto on desktop and mobile app. In addition, there is access to more derivatives and leverage choices, as well as a programmable trading bot.
Bybit vs. Kraken: Mobile App
Kraken offers two mobile apps, one for beginners, and a Kraken Pro app for advanced traders. The standard Kraken mobile app offers streamlined functionality for beginner crypto investors to buy and sell crypto with ease. Based on 18,000 customer reviews at the time of writing, the Kraken Android app has a very good rating of 4.2/5.0, while the Kraken Pro Android app has a score of 4.0/5 based on 26,000 customer reviews. We found the standard Kraken app to be simple and responsive for beginners, while the Kraken Pro app was well-designed for active traders, offering access to advanced trading tools and charting.
The Bybit app is also available on Android and iOS mobile devices and offers a comprehensive trading experience, with most of the same trading tools as the web app. The Android app has been downloaded by millions of users and boasts a 4.1/5.0 based on over 68,000 reviews. Based on our reviews, the Bybit app offers quite a few features and an intuitive design and is responsive and easy to use.
Whilst the Bybit app is a solid app for advanced traders, and offers a decent design, Kraken caters to both beginners and advanced traders with two mobile apps. The standard app simplifies the process of buying and trading crypto, with line charts and easy-to-understand descriptions of each cryptocurrency. The Kraken Pro app offers more advanced trading features, without sacrificing usability. Both crypto apps are great choices, but Kraken simply offers more.
Bybit vs. Kraken: Trading Fees
Bybit offers competitive fees for traders, starting at 0.1% per trade. There is also fee discounts for high-volume traders. Bybit utilizes a maker-taker fee schedule, and the highest-level traders ($10 million or more in monthly trading volume) don’t have to pay any fees on market maker orders.
Kraken has multiple trading fee structures, with its standard platform charging very high fees (up to 3% or more), while the maker fees and taker fees on Kraken Advanced Trade start at 0.4% and 0.6%, respectively. Similar to Bybit, discounts on trading fees can be obtained for high-volume traders that also use a maker and taker fee structure.
|Crypto Market||Bybit Trading Fees||Kraken Trading Fees|
|Spot (fiat-to-crypto)||0.1% (maker) / 0.1% (taker)||Instant Buy: 0.9% - 5.25%, Trading: from 0.16% (maker) / 0.26% (taker)|
|Derivatives trading||0.01% (maker) / 0.06% (taker)||0.02% (maker) / 0.05% (taker)|
For derivatives trading, Bybit and Kraken have nearly identical fees. Bybit maker fees are lower on derivatives, while Kraken taker fees are overall lower. Neither platform offers trading rebates.
While Kraken spot fees are fairly low and derivatives trading is competitive, its Instant Buy feature charges a very high fee plus processing fees for different payment methods. In comparison, Bybit offers lower trading fees on their standard platform, equal to about half the fee that Kraken charges. While traders can keep fees low on both platforms, Bybit is the winner here.
Bybit vs. Kraken: Security
Both Bybit and Kraken are world-class exchanges with an emphasis on account security and fund safety. Both enforce modern data encryption and cold wallet storage processes, and both have never been hacked.
Bybit and a Kraken account both offer Two-Factor Authentication (2FA) for accounts, KYC identity verification, and the ability to whitelist withdrawal addresses and both keep a majority of crypto in offline cold storage. Both platforms also offer world-class data protection, as well as multi-signature wallets and state-of-the-art crypto vaults to protect user funds.
Related: How long to verify a Kraken account?
Bybit states that it keeps 100% of user-deposited crypto in cold storage, and only allows withdrawals 3 times per day to prevent loss. Kraken requires 2FA on all withdrawals, and users can lock their accounts from anywhere if they suspect unusual activity. Kraken also offers 24/7 surveillance with armed guards patrolling the platform's data centres with multiple levels of control within the company to prevent internal theft.
Bybit and Kraken both offer top-notch security, but Kraken makes it one of the main features of their platform. In fact, Kraken has been likened to an intelligence agency in regards to their cybersecurity practices by Bloomberg. As one of the longest-standing crypto exchanges that have never been hacked, Kraken has proven itself one of the most secure exchanges in the world.
Bybit vs Kraken: Comparison Scores
To conclude this comparison of which exchange is better between Bybit and Kraken, each crypto exchange has been scored using simple evaluation criteria as shown below.
|Earning Interest on Crypto||Bybit|
|Ease of Use||Draw|
Bybit and Kraken are two of the most popular exchanges on the market, and with good reason. Both exchanges offer a high-quality user experience, with tons of crypto trading and earning features, as well as intuitive mobile apps.
Experienced crypto traders that are looking for a robust trading platform with access to a wide range of trading tools and features will be served better by Bybit’s trading platform rather than using Kraken. Moreover, users can earn interest on their crypto in a wide variety of ways and take advantage of the copy-trading platform for cryptos. Kraken does offer low fees for active traders but does charge high fees for instant crypto purchases which is a disadvantage.
For more information, read our Kraken review and Bybit review.